EU Referendum

The UK has voted to leave the European Union in an historic referendum. Now the aftermath of that vote is reflected in the global financial reaction, statements from world leaders and analysis of what should happen next.

Reuters UKThe campaign for Britain to leave the European Union has established a one-point lead over the rival "In" camp ahead of Thursday's EU membership referendum, according to an opinion poll published by polling firm Opinium on Wednesday.

ReutersA vote by Britons to leave the European Union on Thursday may not drag the United States into recession, but its effects on U.S. monetary policy, trade and corporate profits are causing concern in Washington D.C. and boardrooms alike.

European Commission President Jean-Claude Juncker said on Wednesday that there would be no changes to a package of measures that EU governments agreed with Britain in February aimed at keeping London in the 28-nation bloc.

"British policymakers and British voters have to know that there will be no kind of renegotiation," Juncker said of the deal on Feb. 20 that gave Britain an explicit exemption from the founding goal of "ever closer union", offered concessions on the welfare rights of migrant workers and safeguards for the City of London financial centre.

"We have concluded a deal with the prime minister. He got the maximum he could receive and we gave the maximum we could give. So there will be no renegotiation, not on the agreement we found in February, nor as far as any kind of treaty negotiations are concerned," Juncker said.

by Reuters_LindaNoakes6/22/2016 1:02:17 PM

France warns a Brexit would be irreversible, single market access at stake

French President Francois Hollande warned on Wednesday that if Britons voted to leave the European Union it would be an irreversible decision that could jeopardize Britain's access to the bloc's single market.

"If the choice is to leave the EU ... that would be irreversible," Hollande said.

"There would be a very serious risk for Britain to lose its access to the single market and everything that goes with the European economic area. Everyone needs to be well aware of this," he said.

by Reuters_LindaNoakes6/22/2016 12:58:12 PM

People queue for foreign exchange at a foreign exchange bureau in London

by Reuters_LindaNoakes6/22/2016 12:40:08 PM

Online FX broker Azimo halts money transfers for Brexit vote

Azimo was the latest major money transfer company to suspend operations for Britain's referendum on EU membership, saying on Wednesday the uncertainty around the vote made it impossible to guarantee the safety of customers' money.

Azimo, one of the leaders of the new breed of online brokers who have eaten into banks' dominance of consumer currency markets over the past three years, said it would make an unprecedented move to halt operations from 6am on Thursday.

It said it would resume after "things have settled down on Friday and we can safely trade again."

by Reuters_LindaNoakes6/22/2016 12:34:49 PM

THE MARKETS: Global stocks and sterling inch up as Brexit vote looms

Stocks and sterling rose while traditional safe-haven assets golds and bonds slipped today, as investors were guardedly optimistic about a 'Remain' vote.

Europe's FSTEUroFirst index of 300 leading shares was up 0.1 percent, Germany's DAX was up 0.5 percent, France's CAC 40 up 0.3 percent and Britain's FTSE 100 was up 0.1 percent.

Basic resource stocks were among the biggest gainers in Europe, lifted by oil's rise of almost 1 percent.

The strength of the yen, often considered a safe haven asset, countered the broader increase in risk appetite across financial markets a day before the referendum.

Britain's Post Office on Wednesday reported a surge in demand for euros and U.S. dollars in its local branches and online this week, ahead of Thursday's referendum on European Union membership.

The Post Office said overall currency sales were up 74 percent year-on-year since the weekend.

For Tuesday alone, currency sales in its branches were up 49 percent from a year ago, and 381 percent higher online.

A spokeswoman said customers were exchanging pounds for a mixture of euros and dollars.

by Reuters_LindaNoakes6/22/2016 12:12:20 PM

Myth-busters: From half-truths to complete inventions?

The European Commission says many such stories in British media over the decades have ranged from half-truths to complete inventions. Its website features an A-to-Z index of what it calls "euromyths", with detailed rebuttals.

The index lists 650 stories, dating back 25 years, about alleged EU interference in areas from abattoirs to zoos via lawyers' wigs, fry-up breakfasts, car boot sales or the sticks held by Britain's traffic-controlling "lollipop ladies".

"Sometimes these EU rules sound simply ludicrous, like the rule that you can't recycle a teabag, or that children under eight cannot blow up balloons."

- Former London mayor Boris Johnson, writing in an article explaining why he would campaign to leave

Reuters UKPrime Minister David Cameron and his eurosceptic opponents were crisscrossing Britain on Wednesday in a final push for votes on the eve of a momentous referendum on European Union membership.

London-based bankers considering a possible relocation if Britain votes out of the European Union would suffer pay cuts of up to 80 percent if they were to move to Frankfurt or Paris, data from salary-benchmarking site Emolument showed.

Analysing 8,065 salaries for front-office banking roles in London, Frankfurt and Paris, Emolument found that London bankers earned higher salaries than their German or French peers, from entry-level analyst jobs right up to coveted managing director positions.

Reuters UKGlobal investors are once again dusting off studies of the 1930s as fears of protectionism, nationalism and a retreat of globalisation, sharpened by this week's Brexit referendum, escalate anew.

Reuters UKSovereignty, economic growth, immigration, influence on the world stage: these have been the big issues in Britain's debate on whether to stay in the European Union. But teabags, vacuum cleaners and oven gloves may have as much sway on the outcome.

Reuters UKBy Peter AppsAs you drive across Southeast England, you don’t even have to talk to anyone to see the depth of anger and division the EU referendum ha

by Reuters_LindaNoakes6/22/2016 8:52:24 AM

Factbox: Opinion polls show shift towards 'In' for EU vote

Opinion polls published in the days before Thursday's referendum have mostly shown a shift towards keeping Britain in the European Union, but there are some signs that the "In" camp's momentum has stalled and the race still looks too close to call.

In a rare address in front of his Downing Street office, British Prime Minister David Cameron makes a personal appeal to older Britons of his own generation to vote to stay in the EU, saying their decision in the voting booth in two days will impact the lives of many future generations

by Reuters_LindaNoakes6/22/2016 8:42:01 AM

George Soros, the billionaire who earned fame by betting against the pound in 1992, says that a British vote on Thursday to leave the European Union will trigger a bigger and more disruptive sterling devaluation than the fall on Black Wednesday

by Reuters_LindaNoakes6/22/2016 8:40:14 AM

Sterling has hit a seven-week high against the dollar on expectations Britons will vote to stay in the European Union. But as Sara Hemrajani reports, stocks failed to build on the previous day's gains as this week's referendum keeps many investors cautious

by Reuters_LindaNoakes6/22/2016 8:38:13 AM

Federal Reserve Chair Janet Yellen testified to the Senate Banking Committee that a British vote to exit the EU could have significant economic repercussions and the Fed is watching closely

by Reuters_LindaNoakes6/22/2016 8:36:14 AM

U.S. bank stocks and multinationals could get hurt if Britain votes to quit the European Union, equity strategists say

Reuters UKSterling rose on Wednesday, moving back towards a 5-1/2-month high against the dollar, as investors cut bets against the pound just a day before Britain votes on whether to remain in the European Union.

by Reuters_LindaNoakes6/22/2016 8:34:00 AM

The English town of Boston, dubbed by British tabloids as ''the most Eastern European town in Britain'', has long attracted Poles to the regional agriculture industry. But Boston is seeing divisions over immigration and jobs ahead of the in-out referendum

by Reuters_LindaNoakes6/22/2016 8:31:22 AM

Politicians campaigning for Britain to leave or remain in the EU clash in a televised debate ahead of the vote on June 23

Reuters UKCiti researchers said on Wednesday they believed Britain would vote on Thursday by a close margin to remain in the European Union but that such a close vote could still undermine political stability in both the United Kingdom and the 28-member bloc.

Reuters UKBanks could be forced to relocate jobs from London to Frankfurt and Paris if Britain should decide to leave the European Union in its referendum on Thursday, the EU's financial services commissioner was quoted as saying on Wednesday.

Jaguar Land Rover, Britain's biggest carmaker, estimates its annual profit could be cut by 1 billion pounds ($1.47 billion) by the end of the decade if Britain leaves the European Union, according to two sources familiar with the company's thinking.

The worst-case-scenario estimate is in internal documents seen by both sources that were prepared by the firm's chief economist, David Rea, to outline the possible consequences if Britons vote to leave the world's biggest trading bloc in Thursday's referendum.

Sterling hit a seven-week high against the dollar on Tuesday on expectations that Britons will vote to stay in the EU

However, stocks failed to build on yesterday's gains as the referendum kept many investors cautious

Two opinion polls published yesterday put the 'Remain' camp ahead before the big vote, but another gave 'Leave' a slight lead

The dollar retreated against most major currencies apart from the yen, which has retreated this week on indications that the 'Leave' campaign has regained momentum

Concern that Britain, the world's fifth-largest economy, will leave the EU has weighed on financial markets for weeks and has been cited by central bankers, including the Fed's Yellen, as a major obstacle for the global economy

Reuters UKGeorge Soros, the billionaire who earned fame by betting against the pound in 1992, said that a British vote on Thursday to leave the European Union would trigger a bigger and more disruptive sterling devaluation than the fall on Black Wednesday.

WASHINGTON No negotiations can be held with North Korea until it improves its behavior, a White House official said on Wednesday, raising questions about U.S. Secretary of State Rex Tillerson's offer to begin talks with Pyongyang any time and without pre-conditions. | Video

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